Qld Transport & Logistics company liquidates owing $600k+ to creditors
The director of a liquidating transport and logistics company disputes the company traded while insolvent, which was under financial duress since 2022.
Moreton
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A transport company that’s operated for more than a decade in Brisbane’s north has been placed in liquidation amid debts of more than $600,000.
J A B Logistics Pty Ltd trading as Mid Coast Transport & Logistics recently entered into voluntary liquidation.
The company handled the transportation of electrical goods, construction materials and small mining equipment, and ceased trading in mid-July 2024.
Appointed liquidator David Hambleton of Rodgers Reidy said that there is a related trusts business called Mid Coast Transport & Logistics, with an address at Brendale, that he understands is slowly closing down.
Mr Hambleton said J A B Logistics Pty had no permanent place of business but instead worked from several transport storage yards.
“The business has operated for between 10-12 years,” Mr Hambleton said.
Mr Hambleton said the business had five employees in the past two-three months of its operations, otherwise it had up to 10 employees.
“The ATO is the key creditor owed approximately $600,000, plus super of approximately $80,000,” Mr Hambleton said.
“The remaining balance of 12 creditors are being confirmed but will be owed between $50,000-$70,000.
“It is expected super will be paid in full and a dividend to creditors of estimate 10-20 cents in the dollar based on recovery of accounts receivable, related party loans and director related transactions...
“The company was unable to sustain rental costs for the transport fleet while quoting for transport works, with the first signs of financial distress late 2022.”
Mid Coast Transport & Logistics was contacted for comment.
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